Starting to think about the GMAT

Question

Hey guys,

So, I am currently studying Banking and Finance at Monash University in Australia and am nearing the end of my degree. Of course, I know that nowadays it's hard to get pretty much anywhere in the banking and finance industry with just a plain degree and therefore I want to achieve a competitive edge.

My ultimate goal is to land a job at an investment bank (not necessarily in investment banking, maybe TSS?).

I'm thinking of applying for Masters of Finance at Melbourne Uni and a number of other programs for which the GMAT is required.

I want to gather basic information about things like:
-How do I get an indication about where I stand in terms of preparation requirements?
-How long to I give myself to study for the GMAT to land a decent score?
-Can anyone suggest other things investment banks like in an applicant (I got to the third stage in a JP Morgan Investment banking internship, until there was some confusion)?

Cheers.

Dreaming · Answer

Answer to your qs.1. Download the GMATPrep free sowtware from mba.com (https://www.mba.com/the-gmat/download-fr ... tware.aspx)....the package includes 2 tets,,,,,,you can use any one to gauge your current level of preparedness.
2. The time required varies from person to person.....but 3 months is the most agreed upon time duration required for GMAT preparations....Once you get your baseline score from the GMATPrep test, you might be able to judge better in what areas u need to spend more time on.
3. umm..i would leave this question to be answered by the experts out here....

karzo360 · Answer

Thank you so much. Appreciate it. I'll get onto that as soon as my exams finish. Any other tips for the starting process? I can read up on other posts when it comes to the depth of preparation.

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Dreaming · Answer

To get into the GMAT mode, you might go through a general strategies book such as KAPLAN premier. Its a good book for an introduction to the different kinds of GMAT qs..... (https://www.amazon.com/gp/product/160978 ... 1609780914) However, most people recommend it only if you have time on your hands to build from general preparation to in-depth preparations. If you have less time, you might want to directly jump into specific study materials such as Manhattan GMAT guides.

whamberto · Answer

Read through the forums. There is lots of information that can be beneficial to you while you study. If you are unfamiliar with the books to get for study purposes, there is a great thread on that.

GMATLA · Answer

Check out this post by the creator of gmat club. This is where I started about 3 months ago before I knew anything about the GMAT. Went from a 570 to 710 after serious studying (150-200 hours). Purchase some books or a course after you have a baseline and go from there. If you're going to do the GMAT though decide where you might like to go and make sure they accept GMAT scores: gmatclub . com/forum/gmat-study-plan-start-your-gmat-journey-80727.html

Once you've decided if you want to go for it or not, I would encourage you to put 110% effort into it. 3 months of prep just a couple times a week will most likely not do it. You have to dive in and take is seriously unless your diagnostic starts out high. Once you've had some experience the GMAT can even be used on your resume for I-Banking... but generally your score has to be over 700 for it to look good. Trust me, no one stumbles onto a 700. Usually requires serious studying and commitment.

Also, note that the GMAT is changing in 6 months. It is generally accepted that the new format of the GMAT will be tougher and require more studying. Many people and GMAT test prep companies are encouraging individuals that are considering the GMAT to take it before the new one comes out to help maximize their score out of 800. The new test will drop one of the essays and add a totally new section with separate grading.

When it comes to what I-Banks like in candidates at your age; they are looking for individuals that showed strong performance in undergrade and have the right mentality. I wouldn't necessarily tell I-Banks that you are considering GMAT b/c they may not want you to leave in a few years, it's hard to say b/c each will look at it differently. Better to be safe and not tell them plans, or put GMAT on resume. Bottom line is though, you really need some work experience to be considered for a top MBA or Masters in Finance. So best of luck in your job search, and if you have extra time and know you want to go to school in the next 5 years, definitely use your spare time to study for GMAT. It is extremely challenging to study while working full time. Best of luck to you!

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